7 U.S. Code § 921a - Policy of financing of rural telephone program

It is hereby declared to be the policy of the Congress that the growing capital needs of the rural telephone systems require the establishment of a rural telephone bank which will furnish assured and viable sources of supplementary financing with the objective that said bank will become an entirely privately owned, operated, and financed corporation. The Congress further finds that many rural telephone systems require financing under the terms and conditions provided in this subchapter.

The last sentence of section 1 ofPub. L. 92–12provided that: “In order to effectuate this policy, the Rural Electrification Act of 1936, as amended (7 U.S.C. 921–924), is amended as hereinafter provided.”

Section was not enacted as part of title II of the Rural Electrification Act of 1936 which comprises this subchapter.

Pub. L. 92–12, § 6,May 14, 1971, 85 Stat. 37, provided that: “The right to repeal, alter, or amend this Act [enacting sections
921a,
931,
932, and
941 to
950b of this title, amending sections
903 and
922 of this title and sections 856 and 868 of former Title 31, and enacting provisions set out as notes under sections 856 and 868 of former Title 31] is expressly reserved.”